LONDON (Alliance News) - Shares in IT firm Adept4 PLC slipped Tuesday as the firm said a customer has cancelled a contract worth GBP700,000 a year, more than its entire earnings last year.
The stock was down 35% at 0.47 pence a share early Monday.
As a result of the ending of the contract, revenue and earnings before interest, tax, depreciation, and amortisation for its financial year ending in September are likely to miss Adept4's expectations.
Adept4 said that, based on current information, the termination is not valid, and the company is "considering the legal redress open to it".
In the year ended September 2018, revenue was GBP10.2 million, flat year-on-year, and Ebitda GBP600,000, halved from GBP1.2 million.